(MENAFN- Nam News Network)
ADDIS ABABA, Jan 2 (NNN-PRENSA LATINA) - Ethiopia's membership in the BRICS Group (Brazil, Russia, India, China, and South Africa) together with Saudi Arabia, Egypt, the United Arab Emirates, and Iran officially took effect on Monday.
President Cyril Ramaphosa announced the acceptance of the new members of that bloc during the 15th BRICS Summit held in Johannesburg, South Africa, in August.
The membership will bring many economic benefits. In addition to increasing its influence at the international level, it opens the door for several infrastructure projects to be financed by the economic bloc's Development Bank, the Government Communication Service (GCS) stated in a press release.
Including that the prospects of trade, cultural, and political relations among the BRICS member countries are at an advanced level, Ethiopia's admission will further increase its diplomatic influence, the publication emphasized.
In investment terms, the member countries' cooperation will be a source of additional economic growth for Ethiopia as they will play their role in protecting national interests in the African Horn. - NNN-PRENSA LATINA
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